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>> what i can confirm is that 45 p. the top rate of tax will be higher under this government than any of the 13 years of the last government. that is the fact. that's the richest in the country will be paying more in terms of income tax in every of this government than in any year of that government. .. was investing eight hundred million pounds, an excellent eight hundred million pounds to combat tax avoidance. there was no such investment taking place with 15% cut in the budget. is the prime minister guilty of tax of points for tax evasion? >> $900 million into specific majors of tax avoidance. all these schemes grew up under years of labour government. they never did a general tax avoidance. they presided over a system where people in the city were paying less taxes than their cleaners and the government has sorted out. >> not to be remembered as the prime minister introduced regulation of the press, an essential part of a free democracy. would you agree with me that regulation derives -- you are pregnant or not pregnant. you either have state regulation or you don't. there is
you should think about it. it all depends on what my tax rate will be on the game that we will make. only in grover's imagination does such a response exist. it is quite another when republicans talk like this. >> i am not obligated on the pledge. the only thing i am honoring is the oath that i take when i am sworn in this january. >> the only pledge we should be making to each other is to avoid the coming brief. republicans should put revenue on the table. >> i would have signed -- i will not attack japan today. the world has changed. the economic situation is different. connell: the man behind this pledge, it sounds like, at least the storyline is, that you are losing your considerable influence within the republican party. >> well, first of all, our friend warren buffett a to get a confident ghostwriter. it is counterfactual and it is counter historical. in his imagination, warren buffett goes to talk to people to invest with him. you have money. you have earned money. if the federal government takes it away, they do not have money to invest with warren buffett. there is a warm b
owners today. tomorrow he meets with middle class americans who would be affected by tax hikes and more business leaders. friday he's going to travel to hatfield pennsylvania where he will give campaign style remarks to get support for congress to negotiate the right kind of deal. we are back with more steph after this. ♪ [ ♪ theme ♪ ] >> announcer: ladies and gentlemen, it's the "stephanie miller show." ♪ >> yahoo, it is the "stephanie miller show," welcome to it. 1-800-steph-1-2 toll free from everywhere. steven weber. he will be there nobody panic he will be right there. charlie pierce said some good stuff about the fiscal cliff and other things. this is going to be a fascinating discussion. the president playing three dimensional chess. told you so. >> never mind. >> never mind. >> corn? when did we book corn? [ laughter ] >> oh, you kids. i swear. all right, you know what? i think there's a little estrogen in the clubhouse. ♪ ♪ >> hi, jackie schechner. >> good morning. my athlete, my warrior my legend. >> stop that night now. >> you didn't get up this early to compromis
likes to talk about the political drivers. the left likes to talk about how taxes have fallen, the culture has become more open to really high ceo compensation than it used to be, decline in the rights of unions, deregulation, and all those things are factors. but i think it is a real mistake to ignore the economic drivers as well. and there are very powerful underlying economic drivers. globalization, the technology revolution, and one reason it is pretty clear that those are key drivers is this is a global phenomenon and i do sometimes think the american discourse tends to be very american so i am quite interchange when i read about a paper that says rising income inequality in the united states is due to this one particular law passed in the 1980s. and how does that account for rising income inequality in canada? or even in france, in germany, in the united kingdom? it is happening all over the world and the emerging market. it is important to face that squarely because if you see it just as a political phenomenon you are going to lose sight of what i think is a big challen
the idea that some taxes will go up on the high end and the middle class won't see much of a tax increase. are we justified? >> i think the typical consumer is not like you and me and the other guests there. the typical consumer makes about $60,000 a year for their family. they're not getting tax dividends so they're not freaked up about those going up. they're concerned about their paychecks and paychecks have been more steady for the first time in several years, wages have gone up a little bit, and the biggest asset people own is a house. it's not just a volume of sales rising and construction but home values. and so with every passing week, a certain number of people who are under water on their mortgages are now in positive territory. and that contributes to what we call the wealth effect, people feeling more confident, they're more likely to spend. it's pro-cyclical. when things are going in the right direction, it forces to propel them further in the right direction. >> stephen, you feel very strongly tax rates should go down and not up. these pro-cyclical things, the idea that the
enough on the spending side. there seems to be movement toward the idea that some people's taxes will go up at the high end. middle class won't see much of a tax increase. why the optimism? are we justified? >> well, i think the typical consumer is not like you and me and our other guests here. the typical median income is $60,000 a year for a family. they're not getting a lot of money from capital gains and dividends. they're not freaked out at the prospect of those going up. they're concerned about what is in their paycheck. paychecks are morsteady than they had been any time the last few years. wages are going up a little bit. the biggest asset that anybody owns is a house. we finally seem -- it's not just the value of sales rising and construction but home values. and so with every passing week, you know, certain number of people underwater on their mortgages are now in positive territory. and that contributes to what we call the wealth infeceffect. when things are going in the right direction, that forces to propel them further. >> stephen, again, you feel very rongly that tax rates
and the state coffers, but its treaty on tax evasion with the swiss has led to trouble. >> the deal was done and dusted with switzerland, but the german opposition has found a way to undo it. >> the government desperately wants this treaty, but the opposition was having none of it. >> we cannot have a situation where people who avoided taxes by hiding money overseas are left better off than if they had paid their taxes properly. >> the opposition says the treaty is not tough enough. it would allow people with funds in switzerland to remain anonymous, paying a retroactive flat tax rate to avoid further scrutiny, but the government says the swiss agreement is the best deal anyone can expect. >> we will not find a better way of collecting unpaid taxes from the past. switzerland promised customers confidentiality, and it will not abolish that retroactively. >> even so, these demonstrators outside the assembly welcomed the vote. now it is back to the drawing board to find a way to get germans with swiss bank accounts to pay up. >> this is a real hot button issue in germany right now. let's go to
to talk about the political driver. how taxes have fallen comment the culture becomes more open to high ceo compensation. deregulation, but it is a real mistake to ignore the economic drivers. there are very powerful economic drivers that are obvious. globalization, a technology revolution. it is keira -- clear though-- those are key drivers because of the global phenomenon. american discourse tends to be american. would raise a income of inequality with one lot past and that eighties how does that rise in canada? france, germany, united kingdom? it is important to face that squarely. as a political phenomenon the challenge is the benign forces i am a google addict but they are drivers of social and political consequences. i like to look at it from a quote from peter orszag that the big drivers are economic forces particularly in the united states politics to mitigate these economic forces has exacerbated. so to create much more concentration will try to soften the blow. instead it is the excel arab. who are the super rich? what do they think about the rest of us? the way i will lead ch
their own day of thanks. >> they can't stand it. this is one we made good without them. they tried to tax us without representation. >> i think july 4th is probably worse. >> either way, they hate both of those holidays. >> ross, do you hate thanksgiving? >> no, i don't hate thanksgiving. 400 years ago, they gave thanks for the pilgrim fathers to leave, i think. >> there you go. they didn't want us anyway. >> now look what happened. >> oh. he's 007. >> good luck with the turkey, by the way. >> thank you, ross. we appreciate it. have a great day or so. we'll see you back here on friday. >> they probably don't like any of our holidays. >> christmas. >> very jealous. >> they have places in london with a good thanksgiving. i remember when i lived in london, ross could participate in this. >> that was big of him. i was going to ask him about thanksgiving, but he extended a happy thanksgiving. >> i could tell it was tinged with a little resentment. >> not from ross. >> still to come on squawk, we have a well-known name to our viewers. jim chanos, he'll be joining us in just a few minutes. >>> befo
cliff, i was wondering about maybe raising taxes. q. what are they planning on cutting? i live paycheck to paycheck. i was curious as to what people are planning on cutting instead of just raising taxes? host: you said you are living paycheck to paycheck. are you doing anything to prepare in case the u.s. goes off the fiscal cliff? caller: just try to work to make a living. this economy is not helping much. host: thank you. today's wall street journal talks a little bit about the impact of going off the fiscal cliff in this chart -- we will take you through few more those scenarios throughout the show. but we want to go to jeff from texas, the independent line. your confidence in the u.s. economy as we are approaching this fiscal cliff. caller: yes, thank you. i don't see much confidence. i don't see the fiscal cliff as the big problem. the problem is the federal reserve monetary policy. the idea that the weekend keep printing money and borrowing money and expect the government to carry everything. we are buying up all these bonds and keeping interest rates so low. politicians from both
are before us. tax increases are not. but underlying all of that, foundational to all of that, is putting america back to work. getting americans back into their jobs. if we do that we will clearly increase employment and when you increase employment you always increase tax revenue to the federal government, to state governments and local governments. so our principle task as i see it and i think i'm joined by many of my colleagues, both democratic and republican, is to get the american economy going. to put it back in gear. and there are many reasons beyond just employment and the opportunities that family have -- families have to make it. one of the critical elements in all of this is to protect americans. we recently saw superstorm san joaquin smash into -- sandy smash into new jersey and new york with devastating results. loss of life, incredible loss of property, both public and private, and a very, very big cleanup bill. joining me in a little while will be some of our representatives from the state of new york. and they'll talk about that in detail. but before sandy ever hit the co
to live in the right neighbor. and also the tax system -- >> also the tax system is obviously important, and all important for not only the issue of equality, inequality, and opportunity, but also for efficiency and growth. so, for instance, if you have a tax system like ours, where speculators attack at a fraction of a rate of people who work for a living, and if you can keep your money in a bank account in the cayman islands rather than in the united states, you have incentive -- the ruleses not only give lower tax rates to those who can take -- avail themselves to these, but it distorts the economy. you wind up with more speculation, more instability, and the money isn't in the cayman islands because it grows better in the shine there. it's the lack of sunshine that is the reason that people keep their money there. >> just had a conversation with -- someone from the financial industry who was trying to make a defense about things like carried interest, which isn't even invested income but gets taxed as if it was at 15%. there's a lot of effort put in and with uncertain return, and yo
tax hikes will hurt the middle class. obama will meet with the second group of ceos at 4:45 p.m. to get their input on how to solve the crisis. the group will include brian roberts, and yahoo!'s marisa meyer. for more, we're joined now by charles deebel. the president meeting today over the fiscal cliff. really the reason for the underperformance we've seen, not just in u.s. equities, but actually worldwide overnight. >> i think so, i think there's really a reevaluation with respect to europe going on as well, and having had a greek solution. and then they start to look at the rest of the eurozone, particularly spain. so you deal with one issue, but there are still plenty more stacked up behind. so that didn't help. but yeah, those comments clearly not constructive. it is the number one problem now having got to greece effectively out of the way, spain is on the back burner. the u.s. fiscal cliff is the worry at the moment. >> for all the time we've already spent talk about it, the reaction seems to reflect the fact that an assumption that they will reach a deal is priced in a
almanac had today. >> we want to know what taxes are going to be. there is a big -- one of the things i look at the charts every weekend. i'm pathetic. i have them delivered to my door. everything stops in the house. utility stocks are horrendous. i think that's people saying, look, dividend is going to -- >> 39.6 on your dividends will be a different story. >> have you seen those charts? they are the worst. >> i get them delivered as well of course. >> who doesn't? >> saturday morning i like to get up and look at my charts. >> i think we have something in common. i feel better. >> three tech companies known for their beaten down stocks are getting good news from the street today. facebook upgraded to outperform over at bernstein. cibc raising rimm and yahoo! added to the conviction buy list at goldman sachs. cnbc and yahoo! have a business alliance to share and co-produce editorial content. my favorite is rimm. >> i love that. >> the blackberry 10 is locked in for january 30th. they say the carrier feedback will become more clear and a lack of new competing devices -- not sure on what
the automatic spending cuts and tax increases. he said going over the fiscal cliff would pose a substantial risk to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. how are you doing, willie? >> i'm doing well. >> good. just two weeks after the longest -- >> thanks for stopping by. >> doing well. >> you know, just two weeks after the longest, most expensive and exhausting election in u.s. history eyes are turning to 2016 as speculation begins over the next batch of candidates lining up to run for president. >> who could that be? i know it's going to be a surprise. >> i know it is too. we'r
for an economic nightmare. unless u.s. lawmakers reach a budget deal in january 1, a raft of temporary tax cuts are due to expire, and spending cuts will take effect. >> that means the u.s. is charging full speed at the fiscal cliff. the dramatic fiscal tightening triggered by this press this could tip the u.s. and possibly the whole global economy into recession. here is more. >> precision craftsmanship, made in the usa the marlon still company in baltimore produces wire baskets for the automobile, defense, and medical industries. it is one of the fastest-growing companies in the u.s. the company president wants to keep it that way, but at the moment, he is holding off on further investments. >> this robot is a good quality robot. phowever, we want to buy the brand-new version that is made in germany. we are pausing right now because of the fiscal cliff. there is so much uncertainty about what will happen in the future. we are not pulling the trigger to by the german robot. >> the prospect of falling off the fiscal cliff frightens more than just greenblatt. numerous business owners across the
. neutrogena®. >>> all right. love to shop but hate the crowds? you can shop online and maybe avoid sales tax. you have to wait a day or two for your stuff but amazon claims some are willing to pay tax if it means faster delivery. kwould you believe same day? we look at what this means for you and for your friendly neighborhood merchants. >> reporter: online versus brick and mortar. it has perhaps never been so intense. for years amazon had a key advantage in states like california. no sales tax. local bookstores already under pressure by the rapid rise of e-books and chains felt squeezed. michael tucker owns a chain of bookstores in san francisco. >> if you could save 10%, why wouldn't you? >> reporter: but amazon's tax advantage tax advantage went away. it also began taxing in other states like pennsylvania and texas. they collect only for states where they have a physical presence. now here in california, amazon is building two giant warehouses. including this one near los angeles. it's a million square feet. and for the old fashioned retailers, it's another reason to worry. why? because a
are very heavily dependent on property taxes and property values are far from the cupboard where they were and often assessments like behind what's going on with property values so we can expect continued decline some local school funding. at the federal level in the last couple years we've had a billion and a half dollars and cut to education programs. at the higher levels from the federal government has been restrictions on eligibility for the pell grant program. there's been restrictions on the student run program. so over the last couple years college students have contributed about four and a half billion dollars out of their pockets to his deficit reduction. so we've had thoughts of things squeezing us at different levels. we are now facing biggest threat through sequestered. janet mentioned the fiscal cliff in one part of the fiscal cliff is these across-the-board spending cuts to take effect january 2nd. it's going to be an 8.2% across-the-board cut in education, job training and health, housing, fbi, air traffic controllers from the food safety, entire range of domestic programs.
that the election is over hopefully we'll have a moment in washington where the leaders come together and on tax reform and education and immigration and fiscal policy, now that we're no longer the issue of we have a reelection, that's done. barack obama has run his last campaign and you have divided government. i think the mandate the american people was sending is work together. focus on us not what divides you as politicians, focus on us. and i don't offer misplaced optimism often. because in washington you can get pessimistic quick. but i do have confidence there is path way on tax reform, on continued education reform, on doing some smart things around energy. and that's the test of the ment and the leaders in the senate and houses. can they come together post election. and for a period of time put your needs and the needs of the country first. and i have a great deal of confidence we'll do that. so i look forward to talking to you about the election that just happened. [applause] >> thank you for having me back. it's great to be back at the university of delaware and thank you for coming.
over some of the concepts that underpin our approach to international tax law. if you have a look at the concepts that very much dry the way in which we determine taxing rights, emphasis about source and residence and permanent establishments, this is very much the language of law that was assigned for industrial and i think it's increasingly found to be wanting when it comes to some of the challenges that the information and digital age that we're now confronting. >> nobody is doing anything illegal. there are complex tax arrangements that are perfectly legal. should we be taxing profits or some other measures of companies. >> well, certainly i think these sorts of things have to be on the table in terms of whether or not it might be a question of looking at where the actual economic activity is occurring. certainly in relation to whether or not companies are in breach the tax laws, i can't generalize, but there are number of practices that comply with all the relevant domestic laws. but the issue boils down to whether or not the international tax concepts are capable of properly
-founded everyboby but if you have a tax system like ours where spicule is overtaxed for fraction but to keep the money and a big take-out you have incentives, , those rules if people with lower tax breaks but you have more speculation, more instability and the money is the ninth 10 negative cayman end says a recent and the phone keep their money and and from the financial industry someone tried to talk about carried interest but it is still taxed at the 15% but there is a lot of effort put in when uncertainty arrives but i cannot help but say you know, what else helps to solve it? writing books. [laughter] and somehow i don't get the tax break and here we are. [laughter] >> host: just to clarify the question of carried interest, when a hedge fund earns money from their customers they know the fee, that is there and come. they can defer that. to keep it invested then on any gain you pay capital gains but now they have transformed that. [applause] >> conditions of a former head fund manager. [laughter] health care. the phrase used tallyman did to our markets. one of the most why doesn't it wo
didn't talk about is the fiscal cliff if that comes that's more than $650 billion in tax increases combined with spending cuts that would send us back into a recession. many fear we would become europe in a matter of speaking. >> here is the interesting part, i think, pete dupont concludes that he says that this recent election proves that the country has become more liberal. that's how he interprets what happened in the most recent election. we would love to hear from you if that's your take away from it. he thinks we are headed in the path of europe and become more liberal. there are many other explanations we have heard since election night. maybe people just the incouple bent always holds an advantage. maybe people don't like change. who knows. but that's his theory is that the country has just become more liberal. >> let us know what you think. friends@foxnews.com email address or find us on twitter ff weekend. don't forget our great facebook page also. if you are a facebooker go there as well. here. >> here are your headlines. police are searching for a man accused of walking
after itself. that might entail a step drop because at the moment we're giving these tax breaks, but we're doing it out of our saving. >> but the point isn't just that we have to restore a higher level perhaps of taxes and lower level of spending than we might like. the problem with the u.s. is it gets into that ideological dispute over whether the way to do that should be by cutting spending and raising taxes. so there is an actual sort of fundamental disagreement that underpins this sense of knee jerk -- >> why have we had to do this? we've had to borrow money and cut people 00 taxes and spend more on social services because the underlying private sector economy completely ran out of steam. it ran out of steam because it needs the banking system to feed off. it needs access to trade credit, to business finance, et cetera. and so when the banking system suddenly said we've got another imperative for us the next few year, we'll have to rebuild our balance sheets, the private sector is temply cut off and drifts. so the public sector has to step in. so what we're really discussing is the
on the present spending. >> in spite of record tax returns and cash from private companies, the treasury is still spending what it does not have. >> the finance minister is confident about germany's finances. he says they're cutting their that, he says, sends out a positive message to the rest of europe. >> i do not want to say we are a model people, but we're doing the utmost to live up to our responsibility. we have been very successful. >> the german draft project next year could spend 370 billion euro. the biggest chunk, one under 19 billion euro, would go to financing will bear and social security. the german government is putting aside 37 billion euro to cut the national debt. defense will be the third largest recipient. the german opposition and parties are not impressed. they said they should have prevented a budget that did not put them further into the red. >> you have failed in your task. instead of giving lectures in europe, and should have done your job in germany and brought the debt down to zero. you failed. >> the opposition's is taking on fresh a debt is risky with the eurozone i
independence. taxpayers who reject the church no longer have to support it through taxes. it is the case right now. >> praying in the czech republic does not seem like it will help much. there is too much resentment toward the father and his colleagues. the congregations along the monasteries feel they have been forgotten. the prospect of payments in the billions makes a lot of people angry. no one seems to care that the deadlock means nothing has changed for two decades in places like this one. >> the wide variety of cultural habits and rituals in the different countries is something you tend to be proud of when you live in europe, but what one country might see as a vital part of its national identity can even constitute a criminal offense in another. france is proud of its foie gras, but the way the geese are forced fed to make it has made other countries ban the practice. >> this region in southwestern france is known for a very special delicacy, foie gras. a family in the town has been producing it with geese for decades. they allow the geese out free range for three months, and the birds
sundance kid, butch ka cassidy, when they jump over the cliff and they fell? the taxes are going to go up. interest rates are going to go up. nobody will be able to borrow any money. you can't buy a house. you're not going to be able to do anything that you want to do that you do today. as a result, that's what the cliff means. so if the government doesn't fix this issue and come together and get sane, then the bond markets are going to do it. what's a ten-year treasury now? 1.6 or something like that? it will go to 7%. buying a house will cost 10. it will cost 13 to do other things. you just won't be able to operate. >> you think this is going to be a market disruption, if, in fact, we go over the fiscal cliff? >> absolutely. i don't think people appreciate the fact when you say cliff they think it's a movie. this is what's going to happen automatically. the depending stopping is not thoughtful. taxes going up by 600 billions is not thoughtful. it's an unthoughtful thing brought about by laws in the past. >> which is why you joined this fix the debt campaign? >> absolutely. it's insane n
% of hamas rockets. and american tax dollars also provide assistance to the u.n. organizations that support the palestinians. with egypt as mediator, both sides are trying to negotiate a more permanent agreement. israel wants to end weapons smuggling at the gaza. hamas wants to end a five-year border blockade. >>> thanksgiving warning turned into a nightmare for hundreds of people caught up in a major pileup in texas. more than 140 cars and trucks lay twisted and broken. the huge crash happened as holiday travelers tried to navigate through dense fog. drivers could do little to get out of the way. >> i just grabbed my kids, pulled them out of the car and ran. that's all i could do. >> at least two people died and more than 80 were hurt, several critically. and rescue crews credit many drivers for helping each others while first responders were overwhelmed. >>> police in berkeley are hoping you can help smoke out a cigarette thief. he's suspected of burglarizing businesses in neighboring cities also. investigators say he smashes windows to get inside, gets what he's after, then leaves in a b
of the eu executives say the member states say increase in carbon tax is an affordable in cash-strapped times. >> the members are open to come up with concrete cut to cut these gases up the conference. >> with so many lights glowing in the night at thousands of cars rolling through the city, it they do not seem too worried about global warming. qatar's initials are highest in the world. >> they are ambitious open for change on global level. they want to work to a new agreement that will take effect by 2020. >> this is a historic conference. it is a vital importance, considering the items on the agenda. it is a turning point in the negotiations on climate change. >> breyer's, experts have sounded urgent warnings about melting polar ice and extreme weather. they say that in order to limit global temperature rise to two degrees celsius, greenhouse gas emissions must be kept low, but total emissions are still rising every year. many experts believe may it already be too late. temperatures could surge by of to four degrees celsius this century. compared to pre-industrial levels. the
and colorado, wind energy tax credit. there was an issue that was important in both of those states. obviously models, jobs, the president jobs plan. and i think taxes. we had a fight where you had the president advocating to increase taxes on people who made more than $250,000 a year. >> looking ahead at the agenda, how big is climate energy? >> if you look at what to this country needs to do to create jobs, having a sound energy policy makes incredible sense. i think there are it a lot of voters who cared deeply about this. i think a lot of the youth of voters have said repeatedly this is an issue they want addressed moving forward. it needs to be addressed and, from an economic standpoint and for the future of the country. >> you think the president will do something dramatic? >> he has a plan to move forward. >> is the new democratic movement dead or no longer relevant? >> i think that our party has always been the big party and we have different views and that is healthy. that is exactly why i believe i am a democrat. i believe our vision of the country has a lot of people working across
buying plan: more austerity in the form of tax hikes, goernment pay and pensn cuts and the like to be overseen by his bank and the international monetary fund. for all the public reassurances, new austerity conditions have sparked bitter protests. in spain. in greece, twice bailed out already and yet again pleading for more slack. this protest was prompted by an october visit from german prime minister angela merkel, who many greeks blame for the painful cuts they've already endured. but, back at home, merkel must contend with an anti-bailout public in germany a germany which must ultimately approve any europe-wide debt relief program, since it funds about a quarter of the european central bank. but germany has no choice. it has to keep playing the game. or at least that's the conviction of a key insider, new york lawyer lee buchheit. >> as the french say: for want of better, and for fear of worse. >> reporter: buchheit is mr. insider-- gree's chief debt negotiator. he's managed the country's bargaining strategy these past pinched years: and is the go-to guy for many a nation b
that would really move the needle. we have to realize a corporate tax cut. everyone agrees. we just did a survey including members of the general public, business leaders with the general public. 70% of the general public believes that we need to simplify the corporate tax code. that is how deep the understanding of the problem is. we cannot have a tax code that is simply complex with more complexity than virtually everywhere else in the world. >> four, five, six? >> we have to talk about the distortions in the trade system that hurt a high-service, high technology system. we did not worry about them so much when we were doing well, but now it's really getting in the way. we do not need to dumb down the regulation but just go through the process in a more logical and efficient way. this was the number one thing that the thousands of business people we interviewed and surveyed said that was the biggest barrier to investing in the u.s., the complicated regulatory infrastructure. we have to focus on the part of our infrastructure that are economically important. and the pork-barrel system.
, how much you pay in taxes, and how schools are funded. so we are seeing a big divide here, liz. >> thank you. >>> an inmate serving five years in a northern california prison got a free pass for a few hours to attend his sister's wedding. cbs reporter ben sosenko asked the sheriff why. >> reporter: edward was supposed to be locked up at jail for five years. what allowed him to be let out for a couple of hours? it was a heartfelt letter written by his sister. nothing was going to keep edward from his sister's wedding not even time in the slammer. >> you know, i have kind of a heart, you know, i guess. >> reporter: calaveras county sheriff gary coons was touched when he read the letter explaining a wedding day promise. >> when her father died,er brother promised her to walk her down the aisle. >> reporter: not on easy promise to fulfill seeing his sister make life long vows in the middle of a five-year sentence on drug and gun conviction. >> i looked out and thought about it for a while and, you know, i figured, you know, what the heck. i'll allow that to happen. >> reporter: so
about what happens on their watch. any high federal office, i think we should care because our tax dollars pay their salaries, but these people work hard. they work hard to improve the way our government works. so if good governance happens, i think it's a legitimate exercise, republicans and democrats, to say this is what got done on our watch, and we want people to know about it. >> when is your term up with the secretary of state? >> the same day she resigns, january 20. >> and what will come out of that, your work? >> well, internal history documents. each bureau of the state department is writing a list of what it achieved and doing some oral history to ask high-ranking members of the department what they worked on and what they care about. and the story of the united states and the world in these four years. >> how much of the bill clinton's memoirs were you involved in? >> i was involved in the earliest stages, which were fascinating, as he talked out his memories of his life. and that was my job was to be an interviewer much like you. and i had many meetings with him betwee
of mind. we're not asked to make any sacrifices. we have not had to pay any higher taxes or give up anything. the war just went on, followed by these braden americans, men and women, representing a cross- section of this immigrant nation in terms of where they come from. that is not just unjust, it's immoral for a democratic society to allow that to happen. we all have an opportunity now to begin to correct the course. that is not just to welcome them home with a sign at the airport. it is to make sure they feel they are a part of our civilian society, that they have the opportunity to find a job, to be educated, to raise their families, and to have the kind of services that so many of them need to deal with their physical wounds as well as their emotional wounds. we also have to remember that some many of them -- so many of them are coming home wanted to make a contribution to their society. they're not victim's, they're proud of what they did, and with good reason. so we open this session today with two of our finest military men, two career officers who gave us all a sense of pri
. the longer the bush tax cuts go away and stay away and the more sequester starts to kick in the weaker the first quarter gets. in a worst case scenario, you fall off the cliff, stay off the cliff, you look at negative numbers in the first quarter. we don't think that's going to happen. our base case somewhere around 1% or so. there's a lot of uncertainty as it relates to the fiscal cliff in the first quarter. >> it could be negative. >> it certainly could be if you go off and stay off. there's no deal. >> jay thank you for joining us this morning. >> thanks, steve. >> becky? >>> when we come back, dude, outlet malls have become major destinations for black friday shoppers. we'll head to tyson's corner outside of d.c. right after this. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what e? ♪ ♪ >>> welcome back, everybody. shoppers at tyson's corner
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